The Financial Reporting Council (FRC) has released its 2020 Key Facts and Trends in the Accountancy Profession (KFAT), in which it has revealed that fees for audit work at the largest UK companies increased in 2019, partly due to audit quality improvements which continue to be a major focus.

However, in 2019, fees for the Big Four - Deloitte, EY, KPMG and PwC - for non-audit work for audited entities declined 20.8%, according to the new report. This reveals a positive market shift ahead of audit practice separation by 2024 and reflects the application of the non-audit services fee cap for public interest entities (PIEs) for the first time.